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2021 HSA contribution limits have been announced

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2021 HSA contribution limits

The IRS announced an increase in health savings account (HSA) contribution limits for the 2021 tax year.  Here is what you need to know about the HSA contribution limits for the 2021 calendar year:

  • An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000.
  • An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000.

And remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.*

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Have questions? We’re here to help. 

Click here for more information on contribution limits or call us at 1-866-234-8913.

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At Optum Bank, we strive to communicate the important regulatory and legislative changes as soon as possible to ensure you're armed with critical information that impacts you and your health accounts.

 

*While a married couple under a family qualified high deductible health plan share one family HSA contribution limit, they can contribute up to that shared limit in separate accounts and, if both are age 55 or older, each can make a separate $1,000 catch-up contribution to an account in their own name.